The Oscars Will Leave Broadcast TV and Stream on the Video Platform Beginning in 2029.
The Oscars ceremony are set to start airing only on YouTube in 2029, signaling the latest substantial shift in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, stating that it finalized a extended contract awarding the streaming service the exclusive global rights to the Oscars until 2033.
The awards show, scheduled for March 15th, has been broadcast for a half a century on ABC. Beginning in 2029, the event will be accessible as a free live stream on YouTube.
This is a further major upheaval in the entertainment world, which is grappling with corporate acquisitions and consolidations, along with severe production cuts.
"Our Academy represents an global institution, and this alliance will permit us to broaden reach to the mission of the Academy to the most extensive international crowd possible - which will be advantageous for our film artists and the cinematic world," stated organization heads in a release.
Over decades, ratings of the ceremony have dropped, although there was a small rise in recent years, with a significant number of younger viewers tuning in from smartphones and laptops.
In a related comment, the head of YouTube called the Oscars "among our essential pillars of culture" and added that partnering with the Academy would "spark a fresh wave of artistic expression and cinema enthusiasts while staying true to the Oscars' storied heritage".
The broadcast network, which has televised the awards since the mid-1970s, stated that it was excited "to the upcoming broadcasts" it will retain rights for.
The move follows large entertainment companies face challenging merger discussions. Such proposals were viewed as problematic for an industry that has experienced significant downsizing over the last few years.
In common with major studios, cable networks have struggled as the audience has chosen digital platforms instead.
YouTube obtaining the license to the Academy Awards clearly signals that reliance on digital platforms will continue to grow.
